Updated Aug. 18 at 10:08 a.m.

The Magnolia ISD board of trustees approved an estimated $120 million budget at its Aug. 17 meeting after a public hearing. The budget includes $98.5 million for the general fund, $4.7 million for food service and $16.8 million for debt service.

The board announced a 1 cent property tax decrease from $1.3895 to $1.3795 for the 2015-16 school year. The district is planning for a 1.5 percent enrollment jump up from an estimated 12,600 students in 2014-15, MISD Chief Financial Officer Erich Morris said.

"This will be the second year in a row that we've decreased the tax rate and the fifth year in a row where we have not increased the tax rate," Morris said. "If you look over the last 15 years, [the] 2015-16 [rate] will be the lowest rate we've had. We're very pleased with that."

Posted Aug. 5 at 7:55 a.m.

The Magnolia ISD board of trustees is preparing to approve an estimated $98.2 million balanced budget with no proposed tax rate increase at its Aug. 17 meeting.

“The 2015-16 budget revenue reflects a $4,917,067 increase over last year’s budget largely because of an expanding commercial [tax] base in the district, anticipated student growth and additional dollars added by the 84th Texas Legislature,” MISD Superintendent Todd Stephens said.

The Legislature allotted an estimated $1.5 billion this past session in new public education funding for the 2015-16 school year, MISD Chief Financial Officer Erich Morris said. The new MISD budget accounts for an additional $1.25 million in state funding to better support students, he said.

“The vast majority of the funding increase for districts arises in the form of an increase to the basic allotment of $100,” Morris said.

The basic allotment is an increase in dollars per student, Morris said.

Priority additions in the 2015-16 budget include 35 new teacher and other staff positions, a 4 percent raise for all employees and an increase in the first-year teacher salary from $46,000 to $48,000 to help attract quality talent, Morris said.

“The vast majority of the new positions are directly classroom focused as a result of program needs, anticipated student enrollment growth and maintaining reasonable student-to-teacher ratios for our classrooms,” Morris said.

Since 2010 the district has maintained a tax rate of $1.3895 per $100 valuation, Morris said. MISD has been able to maintain a steady tax rate due in part to overall property value growth and economic prosperity in the area, he said.

“Years of strategic planning and action allow the district to avoid increasing the tax rate while continuing to meet the needs of the district,” Morris said. “District officials are dedicated to adopting a balanced budget, so living within available means also allows the ability to avoid seeking a tax increase.”

The budget does not include any items tied to the upcoming $92 million Nov. 3 bond election or any possible future bonds, Morris said.